Megan Fox in discussions for Elizabeth Taylor movie; Could Lindsay Lohan be out of the picture?

Looks like
Lindsay Lohan has some competition in the derby to play
Elizabeth Taylor in the Lifetime biopic. E! News is
reporting that "
Transformers" star
Megan Fox is also being considered for the role.

Larry Thompson, EP of the film "
Liz and Dick," says, "I've been talking to Lindsay Lohan directly, and with her reps, and have been in conversations with other actresses, including Megan Fox."

Whether this is public negotiations to drive down the quote for the talent or just an honest answer to a question, that's anyone's guess. Thompson explains further his consideration.

"It's a very serious selection," Thompson says. "It's like casting for Hollywood royalty."

The one thing Fox has going for her is she's not currently dealing with the criminal justice system. E! reports a source as saying that Lohan's legal problems and her probation status are "a complication."